Sentiment towards emerging markets has worsened since the start of the year amid mounting worries about the outlook in a number of key economies. Nevertheless, the latest data provide no evidence of a major slump in economic activity over the past few months. Admittedly, growth in Latin America has slowed markedly, mainly due to weakness in Brazil. However, growth in Emerging Europe looks to have turned a corner. And for all the gloom surrounding China, our China Activity Proxy suggests that growth there has been stable since a sharp downturn at the start of last year. The rest of Asia remains remarkably resilient.
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